Principal Financial Group Inc. Has $10.76 Million Holdings in Macy’s, Inc. (NYSE:M)

Principal Financial Group Inc. trimmed its holdings in shares of Macy’s, Inc. (NYSE:M) by 0.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 635,728 shares of the company’s stock after selling 4,414 shares during the period. Principal Financial Group Inc. owned 0.23% of Macy’s worth $10,763,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. International Assets Investment Management LLC raised its stake in shares of Macy’s by 454.3% in the third quarter. International Assets Investment Management LLC now owns 111,587 shares of the company’s stock worth $1,751,000 after acquiring an additional 91,455 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Macy’s in the third quarter valued at approximately $1,407,000. PFG Investments LLC bought a new position in Macy’s in the 3rd quarter worth approximately $168,000. Wealth Enhancement Advisory Services LLC lifted its holdings in Macy’s by 8.7% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 23,399 shares of the company’s stock worth $367,000 after buying an additional 1,866 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its position in Macy’s by 7.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 31,911 shares of the company’s stock valued at $500,000 after buying an additional 2,175 shares during the last quarter. Institutional investors own 87.36% of the company’s stock.

Macy’s Stock Up 2.1 %

Shares of NYSE M opened at $14.35 on Friday. Macy’s, Inc. has a 52-week low of $13.66 and a 52-week high of $22.10. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.17 and a current ratio of 1.26. The stock has a market cap of $3.98 billion, a P/E ratio of 24.32 and a beta of 2.05. The firm has a 50 day moving average price of $15.39 and a 200 day moving average price of $15.59.

Macy’s (NYSE:M) last announced its quarterly earnings results on Wednesday, December 11th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.03). The firm had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.74 billion. Macy’s had a net margin of 0.73% and a return on equity of 21.99%. Macy’s’s quarterly revenue was down 2.4% on a year-over-year basis. During the same period last year, the firm earned $0.21 EPS. Analysts expect that Macy’s, Inc. will post 2.39 EPS for the current year.

Macy’s Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $0.1824 per share. This represents a $0.73 dividend on an annualized basis and a dividend yield of 5.08%. This is a positive change from Macy’s’s previous quarterly dividend of $0.17. Macy’s’s dividend payout ratio (DPR) is currently 116.95%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on M. JPMorgan Chase & Co. dropped their target price on Macy’s from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Guggenheim reissued a “neutral” rating on shares of Macy’s in a report on Thursday, December 12th. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $17.00 target price on shares of Macy’s in a research note on Thursday. Morgan Stanley lowered their price target on shares of Macy’s from $17.00 to $16.00 and set an “equal weight” rating for the company in a research report on Thursday, December 12th. Finally, Gordon Haskett lowered shares of Macy’s from a “buy” rating to an “accumulate” rating in a report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $17.14.

About Macy’s

Macy’s, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm’s brands include Macy’s, Bloomingdale’s, and Bluemercury. It offers men’s, women’s, and children’s apparel, women’s accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.